Banks simply can’t ignore legal issues surrounding marijuana related businesses, even as
more states OK cannabis use.
Grappling with potential wire transfer fraud requires financial institutions to strengthen due diligence procedures.
The recent wave of regulation puts the burden on banks to improve their technological platform for responding to these challenges.
Even though most large banks passed the recent Federal Reserve stress tests, smaller institutions should prepare for dramatically adverse economic scenarios as well.
Prepaid cards need clearer fee disclosure requirements and a ‘Schumer Box’-type model would be helpful.
A recent Supreme Court decision makes it advisable for financial institutions to add arbitration provisions with class action waivers to deposit agreements.